Sealed Air (SEE) Climbs 18% on Takeover Bid

We recently published 10 Market Movers That Made Millionaires in a Week. Sealed Air Corp. (NYSE:SEE) is one of the best-performing stocks of the past trading week.

Sealed Air saw its share prices jump by 18.09 percent week-on-week as investor sentiment was fueled by reports that it is set to be acquired by investment firm Clayton, Dubilier, and Rice (CD&R).

A report by the Wall Street Journal said Wednesday that the two companies are now underway negotiations for the potential merger which could see the split of Sealed Air Corp.’s (NYSE:SEE) food packaging and protective packaging businesses.

In other news, Sealed Air Corp. (NYSE:SEE) earlier this month announced a strong earnings performance in the third quarter of the year, having incurred a 109.4 percent jump in net profit at $186 million versus only $89 million in the same period last year, primarily driven by a $57 million special items income.

Net sales, however, ended flat at $1.3 billion as a 1 percent growth in the food packaging segment was offset by the 1 percent dip in the protective packaging unit. Volumes and prices also decreased by 1 percent during the period.

Copyright: stocking / 123RF Stock Photo

On December 19, common shareholders of Sealed Air Corp. (NYSE:SEE) as of December 5 record are set to receive 20 cents worth of dividends as part of the company’s quarterly dividend distribution.

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Disclosure: None. This article is originally published at Insider Monkey.